Rental Forum: Doctor can ‘prescribe’ companion pet
APRIL 19, 2009
HOMES & RENTALS Opening the Pearl
A PUBLICATION OF THE OREGONIAN ADVERTISING DEPARTMENT
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| Mortgage Professor: Plan to help borrowers may be too limited
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EDITOR: KENDRA HOGUE 503-221-8318 KENDRAHOGUE@NEWS.OREGONIAN.COM
Real Estate Matters
By ILYCE GLINK
Refinancing? Make sure it’s worth it before you sign on the dotted line
ith 30-year interest rates well below 5 percent, and 15-year interest rates between 4 percent and 4.5 percent, it’s time to start seriously thinking about refinancing your mortgage. But before you rush to the nearest mortgage lender and fill out a mortgage application, there are eight things you should do: ● Check out the interest rate you have on your current loan. When interest rates dip, the natural inclination is to start filling out loan applications left and right. But too often homeowners focus solely on the new interest rate instead of how much they’ll save by refinancing. While you may get water cooler-bragging rights, you should only refinance if it’s going to save you money. ● Find out how much your home is really worth. There’s no way to sugarcoat it: Home values have sunk around the country an average of about 20 percent in the past year. In some places, such as Las Vegas, Miami, Phoenix and the greater San Francisco area, the decline has been twice as steep. It’s vital to assess whether your home still has any equity (the difference between what you owe and what the home is worth) or if you are “under water” with your mortgage —meaning that you owe more to your lender than the property is worth. Whether you have equity will determine
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Photos by JOHN M. VINCENT
For the first time, the Ultimate Open House will give prospective homebuyers a chance to look at luxury condominiums in the Pearl District. On the tour April 18-19 and April 25-26: Block 90, pictured at top; The Encore on the Park, above left; and the 937, above right.
Quarterly Report
Median Sale Price
Mar. Feb. Jan.
$246,400 $225,000 $259,000 $222,500 $250,000 $208,400
$200,000 $215,000 $230,000 $245,000 $260,000 Portland Metro Area Clark County, Washington
Luxury condos add a decidedly urban feel to Ultimate Open House
By JOHN KIRKLAND
SPECIAL WRITER
Source: Regional Multiple Listing Service™
rban legend has it that an art gallery owner commented that the old brick warehouses and industrial buildings once dominating inner Northwest Portland were like oysters, and the galleries and artists’ lofts inside them like pearls. Eventually, this area stretching from West Burnside Street to the Fremont Bridge, and Northwest Broadway to Interstate 405, would become known as the Pearl District. Starting in the mid-1980s, and later fueled in part by the neighborhood’s inclusion in the 360-acre River District Urban Renewal Area, dozens of old warehouses and industrial buildings in the Pearl were either torn down or gutted to make room for condominiums, stores, restaurants and other businesses. The redevelopment transformed the area from shabby to chic. Living in the Pearl today, says Joshua Ryan, executive director of the Pearl District What: A free, self-guided Business Association, offers tour of 53 houses, a quintessential Portland townhouses and experience: Walk out your condos in the Portland front door and you’re just metro area steps away from a park, the When: April 18-19 and Portland Streetcar, art galApril 25-26 leries, top restaurants, and Hours: 10 a.m. to 6 p.m. landmarks such as Powell’s Presented by: Home City of Books. Builders Association of Metropolitan Portland Peek into the Pearl Web site: This year’s Ultimate www.ultimateopen Open House, a scattered-site house.net home show taking place on two consecutive weekends, April 18-19, and April 25-26, will include three Pearl District condominium projects. It’s the first time in the show’s three-year run that the urban core will be represented. And for the first time in its 34-year history, the Street of Dreams, the region’s annual August home tour, will also feature homes in the Pearl. Presented by the Home Builders Association of Metropolitan Portland, the Ultimate Open House gives builders a chance to display homes of all sizes and types throughout the area. Visitors can look at www.ultimateopenhouse.net to find the homes they’re interested in, then see as many as they want, free, from 10 a.m. to 6 p.m. during the four days of the show.
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Comparisons represent the median sale price of new residential listings as reported to RMLS™, the Portland metro area multiple listing service, for the period ending March 31, 2009. The median is the point at which half the prices are higher and half are lower.
Inside this issue
Rentals Marketplace ........................................H11 Mortgage Rate Chart..........................................H6 Marketplace Real Estate Index & Area Map ......H9 Premiere Crossword & Solution ........H11 & H12
ONE AD, TWO PLACES. In print and online. 503-221-8000 or OregonLive.com/ placead
Home of the Week
TOP: The Encore on the Park sits across from Centennial Mills, which is scheduled to be redeveloped, and near land that is slated to become the Pearl’s largest park. ABOVE: Atop a former Meier & Frank warehouse sit the Block 90 condominiums. Each of the 11 units comes with a terrace. LEFT: The floor-toceiling windows in the 937’s condominiums offer residents sweeping views of the Pearl District and beyond.
A house for sale in the Portland/Vancouver area, selected in a drawing conducted for The Oregonian by realty agents and home builders.
Address: 5445 S.E. Harney Drive, Portland Price: $259,000 Open: 2 to 4 p.m., Sunday, April 19 Features: Two bedrooms, 1 bath, 1,696 square feet; fully remodeled 1923 home with new roof, electrical and plumbing; wood floors on main level; partially finished daylight basement; all appliances included Schools: Lewis Elementary, Sellwood Middle, Cleveland High Directions: I-205 to Southeast Johnson Creek Boulevard, west to Southeast Stanley Street, north to Southeast Harney Drive and address Realtor: Real Estate Headquarters Co. Agent: Mishawn Nelson, 503-730-7273; e-mail to mishawnn@comcast.net
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ADVERTISING SUPPLEMENT
THE SUNDAY OREGONIAN • APRIL 19, 2009
Ultimate: Condos will be open at Block 90, Encore, 937
nContinued from Page H1 Hardwoods, lots of light
RESOURCES
The Encore on the Park, Marilyn Andersen, Hoyt Realty Group, 1130 N.W. 10th Ave.; 503-227-2000; www.encoreonthepark.com Block 90, James Gillespie, Keller Williams Realty, 700 N.E. Multnomah, Suite 950; 503-890-5775; www.block90.com 937, Chris Caffee, sales office, 937 N.W. Glisan St., Suite 1030; 503-248-9371; www.937condominiums.com
This month’s Ultimate Open House will feature homes all over the Portland metro area, including condominiums at, clockwise from top, Block 90, the 937, and The Encore on the Park.
JOHN M. VINCENT
The Pearl District’s Ultimate Open House offerings include Block 90, located above 50 Plates restaurant at 323 N.W. 13th Ave. The location is in the middle of the Pearl’s historic district, which runs along Northwest 13th Avenue between Couch and Lovejoy. The 11 condos were built above a three-story 1923 building that used to be a Meier & Frank warehouse. They range from 784 to 1,864 square feet, and from $379,364 to $1,150,462. They all have hardwood floors, gourmet kitchens and abundant light. One of the smaller condos is the official Ultimate Open House listing, but broker James Gillespie said all will be available to see. Parallel Development used a variety of woods for floors and cabinets in the dwellings, including Australian gum, Brazilian walnut, and Sapele, which is similar to teak. Some of the units have a sawtooth roof, which slants up to a peak then drops down to create a vertical face. The builder installed high clerestory windows on the vertical faces, flooding rooms with light while maintaining privacy. The condominiums also have terraces that range from 300 to 800 square feet.
Encore, encore!
At the north end of the Pearl near the Fremont Bridge sits The Encore on the Park, a 16-floor high-rise with 177 condominiums and townhomes. Located at 1130 N.W. 10th Ave. on the edge of what will become Fields Park, The Encore sits across Nai-
to Parkway from Centennial Mills, which is slated for redevelopment with restaurants, shops and open spaces. The Encore has retail and commercial space on the ground floor, and the curve of the building means buyers can choose their views. The Encore will feature three 10th-floor condos in the Ultimate Open House: a loft condo listed at $335,000, a one-bedroom model with space that can be used as an office or den for $457,000, and a two-bedroom model with den for $705,500. The first one faces Union Station and the Broadway Bridge. The other two overlook the Fremont Bridge, the site of the future park and the Willamette River. Materials in The Encore include oak or walnut floors, white Silestone quartz countertops and black-stained Brookside kitchen cabinets. The Encore is a candidate for a LEED (Leadership in Energy and Environmental Design) silver certification by the U.S. Green Building Council, and has a number of sustainable features, including a green roof, waterefficient landscaping, Energy Star appliances and location on the Portland Streetcar line.
Green on Glisan
NEW ON MARKET
SCAPPOOSE/ST. HELENS
EASTMORELAND
THE PERFECT PLACE FOR PERFECT MOMENTS .
EASTMORELAND – 2-4 $1,090,000
6428 SE Reed College Place. 4 BR/2.1 BA/3869 SF Colonial on premier 10,000 SF lot. This historic landmark, the Julia Groo house, is a Portland treasure, maintained and upgraded w/impeccable integrity. A rare opportunity! RON ROGERS 503-788-7126 (WD) www.johnlscott.com/39833
VILLEBOIS .COM
The Sahalie at Tidewater Cove
New Luxury Waterfront Condominiums on the Columbia River
SPECTACULAR HOME – 1-3
$375,000
BUILDER SLASHES PRICES! – 1-4 $229,900 5 Models Available! Incredible Value & Quality! Best Metro Commute! MOVE IN READY! Granite, Hdwds, Tile, SS Appl, Mstr Suites, Jetted Tubs, Dbl Vanity,WI Closet. Deck, Fully Lnscpd, Gas Fplc, AC & more WOW! KAREN GORDON
503-543-1334 (SP) www.johnlscott.com/92752
CLASSIC ENGLISH – 2-4
$635,000
Spectacular 3 BR/ 2.5 BA home on secluded setting overlooking park.Open floor plan, master bath w/ soaker tub, gleaming hardwoods, covered front porch, fabulous backyard w/ new trexdeck. Culde-sac.Near park. 9117 SW 54th Ave BILL GRANGE 503-890-2928 (TC) www.johnlscott.com/78694
6217 SE 34th. Exquisite 3BR/2BA stucco English on oversized lot. Gorgeous renovation incl. custom gourmet kitchen. Open circular flr plan w/ LR,DR, kit, grtrm, sunrm. Add’l fam rm/office in bsmt. Stylish and move-in ready. JOAN/ RON ROGERS 503-318-4016 (WD) www.johnlscott.com/86450
NORTHWEST
FABULOUS HOME – 1-4 $410,000
Terrific 2550 sf trad. backs to wildlife preserve. 4 bdrms, 2.5 ba, fam rm w/frplc, huge mstr, formal dining rm, lg deck. N Bethany, W Bronson, N 173, R Parkview, R Joscelyn, R Norwalk to 2960. DONIS MCARDLE 503-781-7444 (BV) www.johnlscott.com/87797
GRESHAM
OPEN – 1-3 $279,900
Modern 3 BR/2.5 BA Colonial on corner Lot. French doors, hardwood floors throughout main level. Open floor plan perfect for entertaining,big kitchen, tall ceilings, large windows. Move in Ready. 1326 NE Paloma Ave. AMANDA RANSIER 503-805-2098 (TC) www.johnlscott.com/27977
ORGANIC FARM IN CITY – 2-4
$349,900
COME SEE OUR NEWLY COMPLETED MODELS AND SEVERAL OTHER FLOOR PLANS. A SAFE HAVEN
Spacious and comfortable 4 bdrm 2.5 ba home on large, dividable lot. You'll love the established garden with mature fruit trees. And you'll appreciate the solid construction and easy flowing floor plan this property has to offer. 16320 NE Multnomah St. Hosted by LAURA LANDI-SMITH 503-799-5896 (TC) www.johnlscott.com/
ABSOLUTE QUALITY
INCREDIBLE GRAND OPENING VIEWS February 7th & 8th
$
710,000 - $ 2,300,000
A SAFE HAVEN 11am to 6pm
If you are looking for
BUY LOW-LIVE HIGH – 12-4 $299,900
REMODELED TH style Mt. Park condo, min to downtown. Portland/Bridgeport Village, great views w/walls of windows, 1980SF, 2br + loft, 2.5 ba, great room-open, ss appl, new furn, a/c, brazilian cherry hardwoods, built-ins, 2 car gar and...4465 Golden Ln, MIKE JONES 503-968-3901/503-341-0662 www.johnlscott.com/79472
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GRAND OPENING HAVEN for your A SAFE February 7th real 8th dollars – this is it! Our & estate 11am to 6pm values have remained consistently high.
Hwy 14 to Columbia Blvd Exit (#1) Head Est on Columbia Way past Water Resource Center to The Sahalie at Tidewater Cove
GRESHAM CRAFTSMAN – 1-4 $269,500
Super landscape & neighborhood! 4 bdrm 2.5 bath loads of custom features. Home is impeccably maintained. 282nd to Quail follow signs to 29th Way. Call Kris 503-680-8191. (SD) www.johnlscott.com/92385
ANYTIME
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Also on the streetcar line is the Ultimate Open House’s third Pearl attraction: the 16-story “937,” named for its address at 937 N.W. Glisan St. The 937 was just one point away from earning a LEED platinum certification, according to developer Patrick Kessi. Like The Encore, the 937 has a green roof that helps reduce stormwater runoff and regulate heat. The builders also included dual-flush toilets and energy-efficient heat pumps, and recycled more than 75 percent of its construction waste. If there is any one feature that distinguishes the 937, it’s the panoramic views through its floor-to-ceiling windows. The windows are fitted with motorized blinds that silently rise and fall at the touch of a button. The ground floor of the 937 is taken up with commercial space. The homes on the second through 14th floors range from $300,000 to $850,000. On the top of the building sit penthouses, the most expensive of which is about $2.2 million. The official Ultimate Open House entry is a two-bedroom, two-bath model on the 10th floor. It’s 1,488 square feet and is listed at $724,950. All the other 10th-floor condos will be available for viewing as well. Portland writer John Kirkland can be reached at kirklandjohnr@msn.com.
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Columbia River
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www.theSahalie.com
The Once-In-A-Lifetime Home Sale To End All Home Sales.
Now Through May 15.
It’s true. The biggest home sale of the century, if not the millennium is taking place now through May 15. Banner Bank, Community Financial Corporation and their builder partners are not only offering hard-tobelieve prices on beautiful new homes, but equally unbelievable home loan rates as low as 3.875%. So if you’re in the market for a house, or even if you’re not in the market, this is one event you can’t pass up. For a list of properties and details on this and other financing options, go to bannerbank.com or communityfc.com and get pre-approved today.
Brought to you by:
1-800-272-9933 www.bannerbank.com
1-877-936-4800 www.communityfc.com
Member FDIC
*APR = Annual Percentage Rate. Available 3/7/09 - 5/15/09 only. Loan programs, rates, and fees subject to change without notice. Financing subject to meeting qualification standards of the loan program. Rates current as of 4/10/09.
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Sales office (360) 993-1093 Main office (360) 737-3841 Open Daily 11-5
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